The maritime industry's significant contribution to global CO₂ emissions has prompted governments to consider a historic carbon levy on shipping emissions. This proposal, set to be discussed at the 18th International Maritime Organisation meeting in London, has garnered support from over 50 countries and key players in the industry. The levy aims to impose a fixed fee on carbon emissions to drive the decarbonisation of the shipping sector and accelerate the adoption of cleaner fuels. Countries representing a substantial portion of the world's shipping fleet are in favor of implementing a flat-rate tax on greenhouse gas emissions from vessels. The suggested tax rate, ranging between $18 and $150 per tonne of emissions, has undergone economic analysis by UNCTAD to assess its impact. Studies show that focusing on climate-vulnerable nations could mitigate negative effects on global GDP growth. The move towards a carbon levy underscores the industry's role in global trade, transporting the majority of the world's goods while being a significant carbon emitter. Key industry players, including the International Chamber of Shipping, support the initiative as a pragmatic solution to meet the IMO's emission reduction targets. If approved, the carbon levy would incentivize the shift towards alternative low-emission fuels like ammonia, biofuels, hydrogen, and methanol. The focus is on ensuring the levy's strength to drive meaningful change rather than debating its necessity. This initiative, set to be enforced globally by early 2027, represents a crucial step towards reducing shipping emissions and achieving a sustainable maritime industry.